Nigerian government resuscitates the National Agency for Science and Engineering Infrastructure levy
The Federal Government of Nigeria recently directed the Minister of Finance, Budget and National Planning (MoF) and Federal Inland Revenue Service (FIRS) to collect and subsequently remit statutory levy due to the National Agency for Science and Engineering Infrastructure (NASENI).
The Anonymous 360-Degree Whistleblower
Most whistleblowers find themselves on the firing line for turning the spotlight on unethical practices, especially when their identity is given away by the recipients of their reports. Consumed with the fear of victimization and job loss, an employee who could have blown the whistle on an unethical practice may decide to turn a blind eye to such misconduct.
Deadline for filing the 2020 Individual Income Tax Returns (Form A)
In accordance with Section 41 of the Personal Income Tax Act (PITA) (as amended), all taxable persons are required to file a return of claims and income from every source (earned and unearned income) for the year preceding the year of assessment, with the relevant tax authority (RTA).
2020 Industrial Training Fund Compliance
The Industrial Training Fund (ITF) Act governs the ITF scheme. The Scheme was set up to provide, promote and encourage the acquisition of skills in the industry and commerce.
LIRS extends deadline for filing of annual employers tax returns (Form H1) to 14 February 2021
The Lagos State Internal Revenue Service (LIRS) has issued a Public Notice informing taxpayers of an extension to the deadline for filing the 2020 Employers’ Tax Returns (Form H1). The deadline was extended by two (2) weeks from 31 January 2021 to 14 February 2021.
Finance Act 2020 and its impact on employment tax
The Finance Act, 2020 amends portions of various extant tax provisions, including that of the Personal Income Tax Act (PITA). In this article, we have highlighted some of the major changes to PITA and how these impact payroll taxes with effect from 1 January 2021.
Deadline for filing of annual employers tax returns (Form H1)
The 2020 Employer Tax Returns (Form H1) are due for filing by 31 January 2021. The Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended to date), requires every employer to submit Tax Returns (Form H1) with the relevant State Tax Authorities where its employees are tax resident.
Submission of Annual Year-End (31/12/2020) Network/Subscriber Information
The 2020 Annual Year-End Network/Subscriber information returns are due for submission to the Nigerian Communications Commission (NCC) on 15 January 2021
The African Continental Free Trade Area: The dawn of a new era
After years of planning, campaigning and negotiating, the time has come for execution. Trading under the agreement establishing the African Continental Free Trade Area (“AfCFTA” or “the Agreement”) has officially commenced.
In what started years ago as a bold and, an unrealistic aspiration, the AfCFTA has morphed into a striking reality. Africa has created a working fifty-four member state1 free trade agreement, the largest since the creation of the one hundred and sixty-four member state World Trade Organisation.